A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea. Asian shares dropped after Wall Street started 2024 with a slump, giving back some of its powerful gains from last year.
| Photo Credit: AP
Equity benchmark indices fell in early trade on January 3 pulled down by IT stocks and weak trends from global markets.
Extending its previous day’s decline, the 30-share BSE Sensex fell 271.85 points to 71,620.63. The Nifty slipped 71.35 points to 21,594.45.
Among the Sensex firms, JSW Steel, Tata Steel, Wipro, Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra and Power Grid were the major laggards.
Bajaj Finserv, ITC, Hindustan Unilever and Reliance Industries were among the winners.
In Asian markets, Seoul, Shanghai and Hong Kong were trading lower.
The U.S. markets ended mostly lower on Tuesday.
“Market has turned highly volatile with profit-booking triggered by high valuations. Even DIIs (Domestic Institutional Investors) who have been consistent buyers are booking profits,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global oil benchmark Brent crude declined 0.03% to $75.87 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth ₹1,602.16 crore on Tuesday, according to exchange data.
The BSE benchmark fell by 379.46 points or 0.53% to settle at 71,892.48 on Tuesday. The Nifty declined by 76.10 points or 0.35% to 21,665.80.